US Appeals Court Upholds Sam Bankman‑Fried Conviction

The U.S. Court of Appeals for the Second Circuit issued a mandate confirming the conviction and 25‑year prison sentence of former FTX CEO Sam Bankman‑Fried on seven felony counts, including wire fraud and conspiracy. The appellate decision also upheld a New York court’s $11 billion forfeiture order tied to the collapse of the cryptocurrency exchange. Judges rejected Bankman‑Fried’s arguments that he intended to repay customers, emphasizing that the fraud occurred when he diverted client funds to Alameda Research. With the mandate in place, the former CEO has limited remaining legal avenues, aside from a possible presidential pardon or a Supreme Court petition. The ruling reinforces that cryptocurrency founders are subject to the same financial‑crime standards as traditional finance firms and signals continued regulatory scrutiny of the digital‑asset sector.